v2.4.1.9
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
Provision for income taxes table
(BENEFIT) PROVISION FOR INCOME TAXES
(In millions)201420132012
Current tax expense (benefit)$ 848 $ (268)$ 1,379
Deferred tax expense (benefit) from temporary differences (710) (724) (858)
Total$ 138 $ (992)$ 521

CONSOLIDATED (BENEFIT) PROVISION FOR INCOME TAXES
(In millions)201420132012
U.S. Federal
Current (316) (1,287) (6)
Deferred (156) (474) 30
Non - U.S.
Current 1,222 1,020 1,436
Deferred (425) (269) (815)
Other (187) 18 (124)
Total$ 138 $ (992)$ 521
Consolidated earnings from continuing operations before income tax table
CONSOLIDATED EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(In millions)201420132012
U.S. earnings$ 3,439 $ 2,845 $ 4,496
Non-U.S. earnings 4,202 4,474 3,433
Total$ 7,641 $ 7,319 $ 7,929
Schedule of Effective Income Tax Rate Reconciliation
RECONCILIATION OF U.S. FEDERAL STATUTORY INCOME TAX RATE TO ACTUAL INCOME TAX RATE
201420132012
U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 %
Increase (reduction) in rate resulting from
Tax on global activities including exports(a) (24.1) (45.0) (18.4)
U.S. business credits(b) (4.6) (4.6) (4.3)
Business Property disposition - - (4.2)
  All other – net (4.5) 1.0 (1.5)
(33.2) (48.6) (28.4)
Actual income tax rate 1.8 % (13.6)% 6.6 %

  • Included (3.8) % related to the sale of GEMB-Nordic in 2014 and (13.3)% related to the sale of 68.5% of our Swiss consumer finance bank, Cembra Money Bank AG (Cembra), through an initial public offering in 2013.
  • U.S. general business credits, primarily the credit for energy produced from renewable sources, the advanced energy project credit and the low-income housing credit.
Unrecognized tax benefits
UNRECOGNIZED TAX BENEFITS
December 31 (In millions)20142013
Unrecognized tax benefits$ 3,055 $ 3,223
      Portion that, if recognized, would reduce tax expense and effective tax rate(a) 2,259 2,346
Accrued interest on unrecognized tax benefits 420 570
Accrued penalties on unrecognized tax benefits 34 97
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months0-6000-800
      Portion that, if recognized, would reduce tax expense and effective tax rate(a)0-500-250

Some portion of such reduction may be reported as discontinued operations.
Unrecognized tax benefits table
UNRECOGNIZED TAX BENEFITS RECONCILIATION
(In millions)20142013
Balance at January 1$ 3,223 $ 3,106
Additions for tax positions of the current year 61 79
Reductions for tax positions of the current year (2) (1)
Additions for tax positions of prior years 483 657
Reductions for tax positions of prior years (531) (617)
Settlements with tax authorities (179) (1)
Expiration of the statute of limitations - -
Balance at December 31$ 3,055 $ 3,223
Principal components of our net liability (asset) table
COMPONENTS OF THE NET DEFERRED INCOME TAX ASSET (LIABILITY)
December 31 (In millions)20142013
Assets
Non-U.S. loss carryforwards(a)$ 4,094 $ 3,791
Allowance for losses 2,186 2,640
Investment in global subsidiaries 1,935 1,883
Other - net 4,331 4,910
Total deferred income tax assets 12,546 13,224
Liabilities
Operating leases (6,351) (6,284)
Financing leases (4,046) (4,075)
Intangible assets (1,963) (1,943)
Net unrealized gains on securities (507) (145)
Cash flow hedges (162) (163)
Other - net (5,748) (5,400)
Total deferred income tax liabilities (18,777) (18,010)
Net deferred income tax liability$ (6,231)$ (4,786)

(a) Net of valuation allowances of $880 million and $862 million for 2014 and 2013, respectively. Of the net deferred tax asset as of December 31, 2014, of $4,094 million, $41 million relates to net operating loss carryforwards that expire in various years ending from December 31, 2015, through December 31, 2017; $91 million relates to net operating losses that expire in various years ending from December 31, 2018 through December 31, 2029 and $3,962 million relates to net operating loss carryforwards that may be carried forward indefinitely.